Finance

Системный подход к стратегии формирования экосистемы устойчивых источников финансирования в транспортной отрасли в условиях долговых ограничений Zhutjaeva S.A. , Afanasieva A.Y.

The transformation of the global financial system under the influence of the ESG agenda is placing new demands on funding sources for capital-intensive industries, including transport. Given limited budgetary resources and the growing debt burden of major players, such as Russian Railways, the development of a sustainable financing system is becoming not just a development tool, but a survival factor. The objective of this study is to develop a methodological framework for the formation of a holistic ecosystem of sustainable transport financing capable of achieving a synergistic effect from combining various sources and instruments. The subject of this study is the financial and economic relations that arise during the formation and functioning of an ecosystem of sustainable financing sources for the transport industry, as well as methods and tools for attracting green and social investments. The object of this study is the activities of economic entities in the Russian transport sector in attracting financing for the implementation of investment programs and development projects. The study utilized a combination of general scientific and specialized methods, including systems and structural-dynamic analysis of transport company financing sources, as well as classification and conceptual modeling methods for the architecture of a sustainable finance ecosystem. The research was based on regulatory legal acts and official documents; statistical and analytical materials from the Bank of Russia on the issuance of debt securities included in the sustainable development sector; annual reports and non-financial statements of Russian Railways; scientific publications from the Institute of Economics of the Ural Branch of the Russian Academy of Sciences, the Financial University, and the Research Institute of Financial Research of the Ministry of Finance of Russia on ESG in supply chain management. This article examines the contradiction between the Russian transport industry's need for large-scale investment and the exhaustion of traditional financing sources amid record debt burdens among key players. It substantiates the need to move from the fragmented use of "green" instruments to the formation of a holistic sustainable finance ecosystem. Using a systems approach, a conceptual model of such an ecosystem was developed, identifying its structure, functions, and emergent properties.

Модель оптимизации международного инвестиционного портфеля на примере компаний сектора Pharma 4.0 Kopylova E.V. , Stepchenkova O.S.

The purpose of this article is to develop a step-by-step algorithm for optimizing an international investment portfolio based on the classical Harry Markowitz theory and to test it on the example of four public companies in the Pharma 4.0 sector – Microsoft, Roche, Novartis, AstraZeneca, representing key segments of the digital transformation of the pharmaceutical industry. Monthly stock quotes of these companies for the period 2024–2025, converted to a single base currency, were used as a statistical sample. To achieve this goal, average monthly returns, standard deviations (volatility) and a covariance matrix reflecting the relationships between asset returns were calculated. Based on the data obtained, a tangent portfolio with the maximum Sharpe ratio was constructed using matrix calculus methods (covariance matrix inversion), and the efficiency of the resulting portfolio was assessed by comparing its characteristics with an equally weighted portfolio. The calculations showed that the proposed approach is accessible, does not require specialized software, and demonstrates a statistically significant improvement in the risk-return ratio. The study revealed a negative covariance between the technology company Microsoft and the European pharmaceutical giants Roche and Novartis, which indicates the presence of a natural hedging effect within the Pharma 4.0 ecosystem and confirms the hypothesis of the possibility of effective diversification even within a single industry with correct consideration of internal relationships. The optimal asset weights, expected monthly return and portfolio risk were determined; it was found that the optimized portfolio significantly outperforms the equally weighted portfolio in terms of the Sharpe ratio. The obtained research results can be used by private investors for independent formation of an investment portfolio based on any historical data, and also serve as a methodological basis for further research in the field of portfolio optimization in relation to high-tech sectors of the economy.

Management

Концептуальная модель управления изменениями в сфере государственных закупок Litvinenko A.N. , Soboleva V.O.

This paper is a logical continuation of the previous study devoted to situational response instruments in managing changes within the public procurement contract system. While the earlier research focused primarily on the analysis of operational regulatory measures, the present article expands the scope by systematizing the existing problems of the contract system and developing an integrated conceptual model of change management. The public procurement contract system is examined as an institutional mechanism for allocating budgetary resources and as an indicator of the broader economic environment. The purpose of the study is to identify current problems in the functioning of the contract system and to assess change management approaches in procurement from the perspective of change management theory. The methodological framework is based on elements of change management theory, combining the process logic of organizational transformation with the structural analysis of institutional congruence. The empirical base includes statistical data on concluded contracts by supplier selection methods and data from the register of complaints for the period 2019–2025. The analysis makes it possible to distinguish between systemic problems, rooted in accumulated institutional contradictions in the development of the contract system, and post-sanction problems caused by changes in the external economic environment. It is established that existing regulatory and control measures primarily serve as situational response mechanisms and do not eliminate deep structural constraints. Taking into account the concept of prioritizing the causes of violations, the study substantiates the need to develop instruments aimed at addressing the key recurring sources of institutional imbalances. The article proposes a conceptual model of change management in the public procurement contract system, reflecting the interconnection between transformation factors, the problem field, objects of institutional change, and management instruments. The practical significance of the results lies in their potential application for improving procurement regulation and enhancing the adaptability of the contract system under evolving economic conditions.

Редевелопмент как современный способ внедрения ESG-концепции в бизнес-модель строительной организации Androsov A.V. , Pupentsova S.V.

The article considers redevelopment as a key strategic model for modern development companies in the context of the exhaustion of extensive development paths, stricter environmental regulation and transformation of consumer demand. The redevelopment project is considered from the point of view of a natural driver for the integration of ESG principles (environmental, social and corporate governance) into the company's development strategy. Special attention is paid to environmental and socio-economic aspects. In the study, the authors prove the hypothesis of the rational use of emergency facilities for commercial use, thereby solving the difficulties encountered in choosing the further functional purpose of the building. The methodology used is the methods of constructing cash flows for a real estate object using the DSR (Depleted Replacement Cost) method, which was subsequently integrated into the Monte Carlo risk analysis method to determine the level of project volatility. The results of the study confirmed the authors' assumption using the example of the «Mytny Dvor» in St. Petersburg. The practical significance of the research lies in the possibility of applying this strategy to form a long-term strategy of the company based on sustainable development.

Использование инструментов проактивного подхода управления рисками предприятия в условиях развития информационных технологий и искусственного интеллекта Martynenko O.V. , Poleshchuk S.M. , Pechenevskaya M.A. , Skorobogatov M.V., Isaev A.A.

The relevance of this study lies in the need to address modern cybersecurity challenges faced by enterprises through proactive management, taking into account ongoing changes in digital technologies. This article examines the application of proactive risk management tools in the context of digitalization and the widespread use of artificial intelligence. This method facilitates the proactive identification and prevention of risks, compared to a reactive approach to risk management. A key element of this approach is a risk map, which allows for the systematization and prioritization of cyber threats associated with the use of intelligent technologies, which is the subject of this study. The use of this tool in proactive management will enable the development of an effective cybersecurity strategy and increase the enterprise's resilience to modern digital risks. The aim of this study is to analyze the potential of using a risk map as a proactive management tool to ensure enterprise cybersecurity in the context of the accelerated development of information technology and artificial intelligence. The object of this study is enterprise management processes within the context of ensuring enterprise cybersecurity. The following methods were used in the study: analysis and synthesis, induction and deduction, systematization and generalization of scientific data, comparative and logical analysis, as well as visualization and expert risk assessment methods. The experiment aimed to test the ability of a risk map as a proactive management tool for mitigating risks in a simulated situation. The results of the study are aimed at substantiating the effectiveness of risk mapping in an organization's cybersecurity management system and can be used in developing practical recommendations for improving enterprise security from modern cyberthreats. The results of the study are recommended for use in enterprise management.

Трансформация социально-психологических инструментов управления персоналом в современных организациях Glamazda A.V. , Shevchenko D.A. , Abramyan G.A.

The article analyzes current trends in socio-psychological management in the context of digitalization and transformation of business processes. The research covers the introduction of HR technologies, the development of corporate culture, motivational tools, as well as cases of Russian and international companies. The purpose of the work is a comprehensive analysis, systematization and evaluation of modern socio-psychological management tools, identifying their role in the transformation of management practices, substantiating their effectiveness in solving key management tasks related to motivation, development, communication and building a favorable organizational climate. The object of the research is modern socio–psychological management tools in Russian companies. The subject of the research is the processes of transformation of HR practices through the integration of KPIs/SMART with psychological factors (motivation, climate, engagement). Materials and methods of research. In the course of the research, scientific and analytical sources were systematized, which made it possible to trace the evolution of socio–psychological approaches in management. In addition, cases of organizational growth of Russian companies (Kion, S7 Group, Aviasales, Tinkoff, FscoreLab), practices of integrating KPIs/SMART with psychological factors, as well as publications from 2018–2025 were analyzed, primarily in terms of their impact on motivation, engagement, job satisfaction, psychological climate and reduced staff turnover.

Информационный потенциал системы экологического учета и отчетности для проведения оценки жизненного цикла Prituzhalova O.A. , Bogdanova E.S. , Kupriyanova M.G.

Life cycle assessment of a product (LCA) is based on information about the amount of material and energy flows at different stages of the life cycle, it provides information about the level of environmental impacts associated with these flows. The development of LCA in Russia is hampered by the lack of quantitative data on input (energy, raw materials) and output flows (waste, emissions and discharges) at different stages of the product lifecycle. The article shows which information collected by Russian enterprises by the environmental accounting and state statistical environmental reporting system can be used to conduct LCA. The study defines the structure of the necessary data, analyzes 49 Russian forms of environmental accounting and reporting, in which the necessary indicators where identified. In 40 of the 49 forms of accounting and reporting studied, there are almost all indicators that are significant in the context of the life cycle inventory. At the same time, a number of necessary indicators are not recorded: electricity consumption, emissions of pollutants, carbon dioxide emissions (not pollutants, but important for assessing the impact category «Greenhouse effect»), data on the area of land and the type of land use, as well as on physical impacts. Based on the results of the study, the authors proposed to supplement the Russian system of environmental accounting and reporting with the considered indicators, and also gave recommendations to organizations on the use of existing reporting data for conducting LCA.

Совершенствование стратегии сотрудничества России и КНР в области энергетики Khakimova G.R. , Sokolova N.A. , Mikhadyuk D.P. , Nazarov S.N.

Due to objective historical and geographical reasons, Russia currently has quite close cooperation with China. One of the most critical industries is the gas sector, where China is one of the largest consumers of gas and Russia is one of its main suppliers. At the moment, Russia and China have been able to establish a full dialogue on the gas sector, which has been facilitated by specially created institutions, such as the SCO and BRICS, as well as other smaller ones. On the basis of cooperation within the framework of these organizations, contracts were signed, and gas transportation projects were developed. One of the most important projects was the Power of Siberia. The project's implementation has shown that despite various challenges such as sanctions and sabotage, cooperation between Russia and China in the gas sector has been highly effective. This has led to the development of strategic partnerships based on shared views on the economic situation in the region. We can highlight such approaches as a strategic partnership based on similar views on the economic situation in the region, a multilateral format where other countries participate, such as the BRICS and SCO platforms. Based on this, we can conclude that Russia is more dependent on China than China is on Russia, but this cooperation is beneficial for both countries, both economically and in terms of their influence on the global stage. Over the past 14 years, the energy balance in the neighboring territories has changed dramatically: China has transformed from an energy–deficient region to an energy–surplus region, while the Russian Far East has transformed from an exporter to an importer. This has led to the need to reconsider the model of cooperation and the possible directions for electricity transfers. Against the backdrop of the changes that have occurred in trade and economic cooperation, there is a need to develop new formats of interaction, both to resume the import of electricity from China to Russia and to create potentially new formats of interaction in the energy sector. It is necessary to choose an optimal strategy for cooperation, update the legal framework, and update or create missing infrastructure, financial mechanisms, and software products. This also applies to other areas of cooperation that are of interest to both countries. At the same time, Russia's foreign policy does not always align with China's, which creates certain limitations in the development and selection of strategic relationship models in various segments. The study of the economic situation shows that in a rapidly changing world, the strategy requires constant adjustment, the development of new tools, and the consideration and application of digital programs, which have not yet been sufficiently researched in Russian and foreign science. In particular, it requires the development of its theoretical and methodological foundations, as well as the management of adaptation and localization, taking into account the historical and geographical features of the relationship between Russia and China. The object of the study is the history and current development of energy cooperation between Russia and China. The subject of the study is the anti–crisis strategy in the field of energy cooperation between Russia and China. The purpose of the study is to analyze the history of Russia's and China's cooperation in the energy sector, identify points of support and problematic issues, and refine methodological approaches to selecting new forms of cooperation and an anti–crisis strategy. The study was conducted using the scientific and methodological foundations of economic science, including methods of analysis and synthesis, statistical and strategic methods, methods of statistical information processing, methods of substantiating management decisions, and methods of expert assessments and visualization.

Влияние экологического качества территорий на психоэмоциональную составляющую управления человеческими ресурсами (на примере Санкт-Петербурга) Karpich M.K. , Rumiantceva O.N.

The city, urbanization, and anthropogenic load are factors that significantly influence a person's psycho-emotional state, which in turn affects their potential as employees to achieve organizational goals and generate economic benefits. Green spaces are a key component of the ecological infrastructure of modern cities, serving ecological, recreational, and socio-psychological functions. This study examines the relationship between the characteristics of urban green spaces and a person's psycho-emotional state in the context of human resource management. The aim of the study is to assess the impact of the quality and accessibility of urban green spaces on the psycho-emotional component of human resource management in St. Petersburg. The focus of the study was on green spaces in St. Petersburg, as well as subjective assessments of the impact of these spaces on the emotional state of their visitors. The study was conducted as a quantitative cross-sectional online survey. A total of 207 respondents, permanent residents of St. Petersburg, participated in the study. Data was collected using a structured questionnaire hosted on the Google Forms platform. The questionnaire was divided into sections covering respondents' socio-demographic characteristics, frequency of visits to green spaces, subjective assessments of the accessibility and quality of green spaces, and subjective characteristics of their psycho-emotional state before and after visiting natural areas. Based on the data obtained, integrated indicators of accessibility, quality, and emotional impact of green spaces were calculated. The study results demonstrated a positive impact of visiting landscaped green spaces on improving the psycho-emotional state of the urban population. The average emotional impact was Δ = 0.96. Correlation analysis revealed a statistically significant positive correlation between the quality of green spaces and the emotional state index (r = 0.833), with the impact of quality being more significant than the impact of formal accessibility of green spaces. The availability of landscaped green spaces should be considered an important factor in personnel management – as a space that promotes emotional recovery of employees, increases their motivation and maintains mental health. The obtained results can be used in the development of improvement programs and the planning of the city's environmental infrastructure aimed at improving the psycho-emotional well-being of the population, creating a sustainable urban environment, as well as developing corporate well-being, generating added value, and fostering innovation in companies and organizations in St. Petersburg. Keywords: urban green spaces, human resource management, psycho-emotional state of employees, urban ecology, accessibility of green spaces, landscaping, environmental infrastructure.

Economics